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April is National Financial Capability Month, 30 days dedicated to recognizing the importance of financial literacy for a stable future and teaching Americans to establish sound financial practices. Originating from initiatives to educate the youth on healthy financial habits, the Senate passed Resolution 316 in 2004 officially dedicating the fourth month of the year to financial literacy.
Adopting financial habits today that situate you for success tomorrow is fundamental, and Americans need help. In a recent release, President Donald Trump addressed the country’s common financial concerns, “Empowering Americans to make independent financial decisions and informed choices is critically important to our Nation’s prosperity. Yet more than half of households today do not have 3 months of funds saved for emergency, and most families with children are not currently saving for college. In addition, a majority of working Americans worry about running out of money in retirement, and nearly a third of workers have no retirement savings at all.”
These difficulties are present for both genders. A recent study from Financial Finesse reveals that only 25 percent of women are on track in retirement savings, while one-third of men are; and 30 percent of women report overspending each month, compared to 19 percent of men. This is a serious issue especially for women, who face the pink tax, have higher medical bills throughout their lives and generally live longer than men. The report affirms that a 25-year-old woman needs $158,300 more to retire than a man.
Small business owners, critical parts of communities through the United States, must do everything they can to thrive amid big company competitions and revitalize the American economy. One unforeseen mishap can mean closed doors for these businesses. With our Small Business Sustainability Care Package, NAWRB provides small business owners with guiding principles for long-term success, advising small businesses to be meticulous in everything from vetting their financial institutions to establishing excellent cybersecurity.
Visit www.NAWRB.com to learn more and to register for the 2017 NAWRB Women’s Collaboration for the Future Conference, July 16th-19th, 2017 in Costa Mesa, CA.
Together we can help current and future generations achieve a successful financial future.